This invention relates to automatic tool changers for machine tools. Many different types of automatic tool changers have been manufactured in the past, but all have been relatively complex and expensive and have required considerable space to accommodate their tool storage magazines. The principle object of this invention is to provide an automatic tool changer which is simpler, less expensive, more reliable, and which requires less space than the automatic tool changers heretofore known in the art. Other objects and advantages of the invention will be apparent from the detailed description herein.